Buy Wipro Ltd. at a price target of Rs 347.0 and a stoploss at Rs 334 from entry point.

14 Dec, 2018, 09.04AM IST

azim premji

Azim Hashim Premji (born 24 July 1945) is an Indian business tycoon, investor and philanthropist, who is the chairman of Wipro Limited, informally known as the Czar of the Indian IT Industry. He was responsible for guiding Wipro through four decades of diversification and growth to finally emerge as one of the global leaders in the Software Industry. In 2010, he was voted among the 20 most powerful men in the world by Asiaweek. He has twice been listed among the 100 most influential people by TIME Magazine, once in 2004 and more recently in 2011. Premji owns 73% percent of Wipro and also owns a private equity fund, PremjiInvest, which manages his $2 billion worth of personal portfolio. In 2013 he gave away 25 per cent of his personal wealth to charity and has also pledged to give away the rest of 25% in the next 5 years.

Wipro chairman Azim Premji on Tuesday suggested that low tax rates encourage voluntary compliance by tax payers and helps expand the tax base. "Tax collection is best achieved by voluntary compliance. One of the prime drivers for voluntary compliance would be lower tax rates. Lower the rate, lower is the incentive to evade taxes as the cost of evasion would not be commensurate with the cost of compliance," he said. Premji was delivering the keynote address at an event in Bengaluru to mark 158th Income Tax Day. Listen-in. (Text: PTI)

The tax to Gross Domestic Product (GDP) ratio in India is about 16 per cent, including the taxes levied by the state, while in many developed countries, the ratio stands at about 35-40 per cent, Premji said.